ASML — 2026Q4 財報

“Q3 total net sales of €11.7 billion, gross margin of 57.5%, net income of €5.0 billion”

Total net sales were €11.7 billion, with a gross margin of 57.5% and net income of €5.0 billion.

“In the third quarter we reported a record total net sales of €11.7 billion, towards the high end of our guidance, reflecting the strong execution of our ramp-up.”

Sales were a record and landed towards the high end of guidance, which the CEO put down to execution of the production ramp.

“Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total net sales 7,516 9,718 8,767 9,326 11,662”

Total net sales of €11,662 million compare with €7,516 million in Q3 2025 and €9,326 million in Q2 2026.

“came in above guidance at €3.3 billion as a result of the continued strong demand for productivity upgrades. This drove the gross margin above guidance at 57.5%.”

Installed Base Management sales came in above guidance at €3.3 billion on demand for productivity upgrades, and that lifted gross margin above guidance to 57.5%.

“Income from operations 2,468.4 5,172.8 7,870.5 11,786.8 Gain (loss) on equity investments — 509.7 — 509.7”

Part of the profit sits below the operating line. The statement of operations books a €509.7 million gain on equity investments for the quarter, against none a year earlier, after income from operations of €5,172.8 million (€2,468.4 million a year earlier).

“Our customers continue to increase their short- and medium-term equipment demand forecasts with us, driven primarily by their views on the size and duration of AI-related investments. In light of their demand visibility, some customers are expressing an interest in placing orders with us for 2029 and even 2030.”

Customers keep raising their short- and medium-term equipment demand forecasts, mainly on their view of AI-related investment, and some want to place orders for 2029 and even 2030.

“With such strong visibility and an order book momentum that continues to increase quarter on quarter this year, we now expect that our supply as currently planned for both 2027 and 2028 will not fully meet the demand of our customers”

ASML now expects its currently planned supply for both 2027 and 2028 to fall short of customer demand, citing order book momentum that has kept rising quarter on quarter this year.

“Given this, we are investigating ways to increase capacity for 2028 beyond the 30% increase we previously communicated.”

It is investigating ways to lift 2028 capacity beyond the 30% increase it had previously communicated.

“We expect fourth-quarter 2026 total net sales between €14.2 billion and €15.2 billion, with a gross margin around 57%. We expect R&D costs of around €1.2 billion and SG&A costs of around €0.4 billion. We expect total net sales for 2026 to be between €44 billion and €45 billion, with a gross margin around 56%”

Fourth-quarter guidance is total net sales of €14.2 billion to €15.2 billion at a gross margin around 57%, with R&D costs around €1.2 billion and SG&A around €0.4 billion. Full-year 2026 total net sales are guided to €44 billion to €45 billion at a gross margin around 56%.

“In the third quarter, we purchased around €4.1 billion worth of shares under the current 2026–2028 share buyback program.”

ASML bought back around €4.1 billion of shares in the quarter under its 2026–2028 program.

“Net system sales were 8.4 billion euros, which includes 4.1 billion euros from EUV system sales, including the sale of 1 High NA EUV system, and 4.3 billion euros from non-EUV system sales. Net system sales were split between Logic at 54 percent and Memory at 46 percent.”

Net system sales were 8.4 billion euros: 4.1 billion euros of EUV, including a single High NA EUV system, and 4.3 billion euros of non-EUV. Logic took 54 percent and Memory 46 percent.

“Installed Base Management sales for the quarter were 3.3 billion euros, exceeding our guidance by almost 0.4 billion euros primarily due to the strong demand for our productivity upgrade products in both EUV and DUV.”

Installed Base Management sales were 3.3 billion euros, almost 0.4 billion euros above guidance, on demand for productivity upgrades across EUV and DUV.

“Gross margin for the quarter was above guidance at 57.5 percent primarily due to the contribution of very high margin components within our Installed Base Management business.”

The CFO attributed the above-guidance gross margin of 57.5 percent mainly to very high margin components within Installed Base Management.

“Net income in Q3 was 5.0 billion euros, which includes around 0.5 billion euros as a result of an increase in the valuation of our initial investment in Mistral AI, representing 42.5 percent of total net sales and resulting in earnings per share of 12.95 euros.”

Net income of 5.0 billion euros included around 0.5 billion euros from a higher valuation of ASML's initial investment in Mistral AI. Net income was 42.5 percent of total net sales and earnings per share were 12.95 euros.

“Our free cash flow 1 in Q3 was 11.4 billion euros, underpinning the strong order momentum of our customers and the related downpayments.”

Free cash flow was 11.4 billion euros in the quarter, which the CFO linked to customers' order momentum and the related downpayments.

“This anticipated year-over-year total net sales increase of around 36 percent reflects our expectation of over 45 percent growth in EUV, around 20 percent growth in non-EUV-related system sales and around 50 percent growth in Installed Base Management sales.”

The full-year guide implies total net sales growth of around 36 percent, made up of over 45 percent growth in EUV, around 20 percent in non-EUV system sales and around 50 percent in Installed Base Management.

“Turning to end use, this year we expect Logic net system sales to grow around 10 percent and Memory net system sales to grow around 75 percent. The growth in memory is driven by the combination of capacity expansion of our customers and the increasing adoption of EUV on advanced DRAM nodes.”

Memory is driving the year. Memory net system sales are expected to grow around 75 percent against around 10 percent for Logic, on customer capacity expansion and wider EUV use in advanced DRAM.

“As previously mentioned, we continue to expect the China region to account for around 20 percent of our total net sales this year.”

China is still expected to account for around 20 percent of total net sales this year.

“We are increasingly receiving orders for 2028, and customers are also expressing interest in placing orders for 2029 and even 2030.”

ASML is increasingly receiving orders for 2028, and customers are also interested in ordering for 2029 and even 2030.

“For Low NA EUV, we anticipate output of roughly 65 systems for 2026 – which is nearly 50 percent more than the 44 systems we shipped last year.”

Low NA EUV output should be roughly 65 systems in 2026, nearly 50 percent more than the 44 shipped last year.

“are now looking into expanding our 2028 capacity even above the 30 percent year-on-year growth target that was under investigation last quarter for both Low NA EUV and immersion systems.”

ASML is now looking at expanding 2028 capacity above the 30 percent year-on-year growth target it was investigating last quarter, for both Low NA EUV and immersion systems.

“We plan to introduce our next generation Low NA EUV system, the NXE:3800F, starting in small quantities at the beginning of 2027. This system is specified at a throughput of 260 wafers per hour compared to the 230 wafers per hour capability of the NXE:3800E system.”

The next Low NA EUV system, the NXE:3800F, is planned in small quantities from the beginning of 2027 at a specified 260 wafers per hour, against 230 for the NXE:3800E.

“Additionally, Samsung and tsmc announced plans to introduce High NA EUV into high volume manufacturing in 2028 and 2030, respectively.”

Samsung and TSMC have announced plans to bring High NA EUV into high-volume manufacturing in 2028 and 2030 respectively.